The global graphene market size was estimated at USD 125.7 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 45.9% from 2022 to 2030. The market is expected to be driven by increasing demand from research institutes and multinational companies for R&D. Key potential application areas of graphene include electronics, biomedical technologies, energy storage, composites & coatings, and water & wastewater treatment. The growing focus on miniaturization is one of the primary factors driving graphene research across the world. The product exhibits the potential to revolutionize the semiconductor industry owing to its conductivity and extremely thin nature. Research indicates that graphene-based semiconductor chips are much faster than existing ones made from silicon.

The product is solely made of carbon and can be synthesized by multiple methods. However, the lack of an economically feasible production process to synthesize meaningful quantities of the material has limited the scope for industrial adoption of the product. Scientists across the world are continually striving to develop a cost-effective production process to carry out industrial-scale production of the material.

The electrical conductivity property of the material is expected to contribute to its rising application in light-emitting diodes, touchscreen displays, and electronic transistors, thereby, driving the market. The material can absorb a large quantity of white light, which can be useful for manufacturing photovoltaic cells. Graphene oxide products, which are used as transparent conductive films in many applications including smartphones, are also expected to witness higher penetration over the forecast period.

The U.S. is the largest graphene market in North America and is one of the key exporters of graphene-based products to various countries that do not have production capabilities of the material. The market has witnessed numerous collaborations among manufacturers and research institutions over the past few years owing to the increasing focus on research & development activities.

Graphene nanoplatelets are a high-potential product segment in the market over the forecast period owing to their increasing penetration in various electronic devices. Although the material is still in the research & development stage, continuous focus on enhancing characteristics, discovering new properties, and the improving performance of various systems using graphene products is expected to be a key growth factor over the forecast period.

The market is witnessing technological advancement on account of the production of graphene-based products, which overcomes the drawbacks of previously used materials. For instance, in 2022, Nanotech Energy, a U.S.-based company, developed a technology to produce graphene batteries that use electrodes with thermal stable separators as well as non-flammable electrolytes. The company claims that the technology is superior in terms of cell performance and it overcomes the safety barrier faced in lithium-ion batteries. Thus, the success of this technology is expected to fuel market growth.

A major share of key players is concentrated in the developed region, hence regional partnership and distribution agreements are the major strategic initiatives adopted by several key players. Some of the key players in the market include Haydale Graphene Industries PLC, Graphensic AB, Directa Plus, Graphene Technologies, Thomas Swan & Co., Ltd., Grafoid, Inc., ACS Materials Todayl, LLC, CVD Equipment Corporation, AMO GmbH, Applied Graphene Materials, and BGT Material Limited.

Graphene nanoplatelets emerged as the largest product segment in 2021 with a revenue of USD 53.3 million and accounted for a significant share of the global market in the same year. The product is produced in large volumes owing to their various superior characteristics including high strength and permeability. In addition, increasing consumption of the product in electronic applications is expected to propel product demand over the forecast period.

Graphene nanoplatelets possess major properties such as lightweight, mechanical properties, and superior thermal and electrical conductivities, coupled with low cost and easy manufacturing process. Furthermore, the mass production of the product is also possible. Thus, the aforementioned properties of the product are likely to benefit its demand across applications including electronics, aerospace, medical, and energy storage & generation.

Reduced graphene oxide is the fastest-growing market with a CAGR of 47.8% over the forecast period. The product is highly adopted when a large quantity is required for industrial applications such as energy storage. The reduction process implemented to produce reduced graphene oxide is important, as it enhances the quality

Reduced graphene oxide is increasingly used in the applications such as research, batteries, biomedical, supercapacitors, and printable graphene electronics. In addition, the product is used in field effect transistors (FETs) used as chemical sensors and biosensors. The product is also used as a component in many systems that are designed to detect biologically relevant molecules. Thus, the existence of a wide range of applications of the product is expected to boost the segment's growth.

Composites was the largest application segment with a revenue of USD 53.4 million in 2021 and is expected to exhibit significant growth over the forecast period owing to its wide range of applications including aerospace, automotive, coatings, metals, and plastics. Furthermore, the product demand is rising in the composites application segment owing to its properties such as UV resistance, lightweight, and flexibility.

Composite materials are formed by harnessing the potential of graphene with existing products. Graphene-based composites are used to enhance the quality and performance of sporting equipment in skiing, cycling, and others. Furthermore, it is being marketed as a replacement for carbon nanotubes in the near future owing to its ease of handling and enhanced capabilities.

The electronics application segment is expected to witness growth at a CAGR of 40.2% over the forecast period. The material is used in semiconductors, bendable phones, and other electronics owing to its various advantageous product characteristics such as high permeability, strength, and lightweight. Furthermore, it is also used as a coating to enhance the current touch screens for tablets and phones. In addition, the material is used in the circuitry of computers to make them faster.

The product is also used to manufacture microchips-an essential component in most electronic devices. The electronic components manufactured using graphene are expected to allow the development of flexible devices, which can be folded as well as rolled when required. Furthermore, the product is expected to aid in manufacturing computers that are faster as well as consume less power. Material manufacturing companies have started developing conductive inks that conduct electricity and are used to print circuits from the material. Thus, the opportunities which the product will provide for the electronic industry are expected to grow its demand over the forecast period.

Asia Pacific was the largest market with a revenue of USD 46.6 million in 2021 and it is expected to be the fastest-growing market over the forecast period. The region is one of the critical demands determining factors for the graphene market owing to the presence of a large number of manufacturers and consumers. Furthermore, increasing production volumes in various sectors including automobile, marine, defense, and aerospace are expected to drive the market in this region over the forecast period

China is expected to emerge as a prominent market for graphene with a CAGR of 52.5% over the forecast period in light of favorable government support to promote investments in the manufacturing sector. The Chinese government has put forward strong policies to ensure support for graphene research and development. The Chinese government is increasingly investing in the country's graphene industry innovation center.

Europe accounted for a revenue of USD 35.1 million in 2021 in the graphene industry. The European Research Council (ERC) has invested in a Graphene Flagship project and granted a billion euros for investment in emerging and potential technologies of the product. This investment is the largest research initiative ever undertaken in the history of the European Union. Companies in the region are increasingly offering cost-effective solutions to enable large-scale comprehensive production of the material.

The U.K. has become a strong base for graphene research and development. Cambridge Nanosystems has developed an innovative means to synthesize pristine graphene with the help of a proprietary and novel production method, which is based on microwave plasma. The company can synthesize the material without using any external additive or contaminant. These types of innovations are expected to have a positive impact on the overall product market in the region over the forecast period.

The key players operating in the market include ACS Material, LLC; BGT Materials Ltd.; CVD Equipment Corp.; Directa Plus SpA; Grafoid Inc.; Graphenea; NanoXplore, Inc.; Thomas Swan & Co. Ltd.; 2D Carbon Graphene Material Co., Ltd.; Haydale Graphene Industries plc; Applied Graphene Materials (AGM); AMO GmbH; and Graphene Square, Inc.

The industry is highly dynamic and exhibits intense competition, owing to the presence of various small and medium-scale manufacturers. Key industry participants emphasize investments in research & development, and product innovations to gain a competitive edge over other players. Some prominent players in the global graphene market include: ACS Material, LLC; BGT Materials Ltd.; CVD Equipment Corp.; Directa Plus SpA; Grafoid Inc.; Graphenea; Graphene Laboratories, Inc.; NanoXplore, Inc.; Thomas Swan & Co. Ltd.; 2D Carbon Graphene Material Co., Ltd.; Haydale Graphene Industries plc; Applied Graphene Materials (AGM); AMO GmbH; Graphene Square, Inc; Graphensic AB.

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